Question: Edward and Brian borrowed $ 2 4 , 0 0 0 on a 7 - month, 8 % note from Gem State Bank to open

Edward and Brian borrowed $24,000 on a 7-month, 8% note from

Edward and Brian borrowed $

24, 000

on a

7 -

month,

8 %

note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June

1, 2025,

and the note matures January

1, 2026 .

Prepare the entry to record the receipt of the funds from the loan.

(

List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select

"

No Entry" for the account titles and enter

0

for the amounts.

)

Date

Account Titles and Explanation

Debit

Credit

Gem State Bank to open their business, Sunland's Coffee House. The money

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